This thread simply doesn't have the gusto it once did...
I don't want to play the "it's different here" card but just for fun here's and over simplified view on it.
Still waiting on the latest census results but Calgary average family incomes is now ~$100,000/year.
$100,000/year will get you a mortgage of just shy of $400,000 @ 7% over 25 years.
Average house prices are now $470,000.
Assuming ZERO down payment the average family is only $70,000 short of buying the average Calgary house.
Now if interest rates go up to 15% again...
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